Published Article Details

5 smart things to know about Section 44ADA of Income Tax Act

Posted by: Labdhi Mehta on Jan 22, 2018, 06.30 AM IST

1. Professionals who can make use of this section are from the legal, medical, engineering, architectural, accountancy, tech consultancy, and interior decoration backgrounds.

2. Applicable to resident Indians and to individuals, HUF or partnerships but not a limited liability partnership firm.

3. Total Gross Receipts of assessee should not exceed more than Rs 50 lakh in a financial year to benefit from this section.

4. The income of any person making use of this section is considered to be 50% of the Total Gross Receipts for the year and no further deductions will be allowed to be claimed for the purpose of the profession.

5. The assesse would NOT be required to maintain books of accounts or get the account audited unless he claims that the profi ts are less than 50% of the Total Gross Receipts.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
This article appeared in Economic Times dated Jan 22, 2018, 06.30 AM IST

Online Courses

Taxation
Intermediate Level
TAX ASPECTS OF FINANCIAL PRODUCTS

Financial advisors are in-demand and this course prepares you to be a well-informed financial advisor with

Taxation
Basic Level
PRINCIPLES OF PERSONAL TAXATION

As reforms in taxation take place, more and more professionals find they need help compiling their taxes. T

Taxation
Advance Level
TAX PLANNING FOR INDIVIDUALS

Learn the basic principles of tax planning for individuals and the various aspects that are involved in the

Taxation
Intermediate Level
PRINCIPLES OF BUSINESS TAXATION

Learn how to keep track of business expenses and income through our online course on business taxation.